2012 2011 % Change
Volume (m unit cases) 425 434 -2%
Net Sales Revenue (€ m) 1,437 1,416  1%
Comparable Cost of Goods Sold (€ m) 942 895  5%
Comparable EBIT (€ m) (2) 28 n/a
Comparable Net Loss (€ m) (19) (1) >100%
Comparable EPS (€) (0.05) 0.00 n/a

  • Top line: Net sales revenue grew by 1% while volume declined by 2% in the first quarter of 2012. Volume was flat in developing markets and declined by 2% and 3% in established and emerging markets, respectively.
  • Categories: Volume in the sparkling beverages category was flat while energy drinks volume increased by 6%. Volume in the water and juice categories declined by 6% and 5%, respectively.
  • Brands: Trademark Coca‑Cola products grew ahead of total volume, with Coca‑Cola regular growing by 3% and Coca‑Cola Zero growing by 10%.
  • Share gains: We gained or maintained volume share in sparkling beverages in most of our markets including Italy, Switzerland, Austria, Poland, Hungary, Russia, Ukraine and Bulgaria.
  • Comparable Operating profit: Revenue growth management initiatives fully off-set total input cost increases in the first quarter despite the year on year impact being much higher. Nevertheless, a combination of lower volume, higher operating expenses and unfavourable foreign currency fluctuations resulted in a €29 million year on year decrease in comparable EBIT.
  • Free Cash flow and Capex: Free cash outflow was at €32 million, representing an improvement by €35 million compared to the prior year period despite reduced profitability. For the period 2012-2014 we plan to invest cumulative capital expenditure of €1.45 billion and expect to generate free cash flow of €1.45 billion.

Dimitris Lois, Chief Executive Officer of Coca‑Cola Hellenic, commented:
"We managed to deliver revenue growth ahead of volume performance amidst a challenging external environment, with currency neutral net sales revenue per unit case growth of 3%, excluding the hyperinflation impact of Belarus. We also continued to win in the marketplace, growing or maintaining our market position in most of our markets, with Trademark Coca‑Cola products growing in all three reporting segments.

We continue to witness macroeconomic uncertainty in all of our EU markets. We are also facing persistent input cost pressures, whose year on year growth peaked in the first quarter. Our strong focus on revenue growth initiatives, improvement in operating efficiencies and financial discipline leaves us confident that our strategy will allow us to continue growing revenues and sustaining strong free cash flow generation in 2012.

Each of the twenty-eight markets we serve possesses ample growth opportunities. We are committed to continue investing behind our brands and revenue generating assets, optimising our cost base, improving productivity and thus positioning ourselves favourably to capitalise on an eventual market recovery. "

Contact Information  
Company contact:
Coca‑Cola Hellenic
Oya Gur
Investor Relations Director
Tel: +30 210 618 3255
Panagiotis Vergis
Investor Relations Manager
Tel: +30 210 618 3124
email :
European press contact:
Pendomer Communications London

Greg Quine
  Tel: +44 20 3603 5222